Unlike the OPEC leader, Saudi Arabia, Russia is less dependent on oil prices and, in general, has not wanted to grant too much market share to its rivals. But with several new oil fields ready to go into operation next year, several Russian firms have expressed concern about a possible extension of the agreement.
Johannes Benigni, president of JBC Energy Group, told CNBC on Thursday that Russian President Vladimir Putin would ignore calls for a change in strategy and focus on the "bigger picture."
The Russian presidential elections will be held in March 2018. And, while he has not yet officially declared his candidacy, Putin seems almost certain to seek re-election next spring.
"He (Putin) does not want oil prices to be a subject of discussion in the presidential race, so I think he will stay and support the current agreement," Benigni said. .
OPEC plans to hold an open session, with media, from approximately 9 a. M., London time, before entering a closed session at noon, according to a tentative schedule on the OPEC website. Non-OPEC members will join at around 3:00 p.m., with a joint press conference to follow the procedures.
Brent crude traded at $ 63.43 on Thursday morning, 0.51 percent, while US crude traded at $ 57.42. .
The price of oil plummeted close to $ 120 a barrel in June 2014 due to weak demand, a strong dollar and the boom in US shale oil production. The reluctance of OPEC to reduce production was also considered as a key reason behind the fall. But, the oil cartel soon moved to slow production, along with other oil-producing nations, by the end of 2016.
Exporters reached the current agreement last November and extended it once until March 2018.  – CNBC's Patti Domm contributed to this report.